If you mean a 16 seg 'starburst' LED, you do it like you would a 7 seg display i.e.multiplex the digits only instead of 7 segs per digit, you have 16. This means more IO pins and a bigger segment table but that's about it. The seg table will be wider (more segs) and longer (more unique characters).

If you have a specific circuit/configuration in mind, we can get you a more specific answer.